<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0609</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2026-08-21</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0001610853</issuerCik>
        <issuerName>Solana Co</issuerName>
        <issuerTradingSymbol>HSDT</issuerTradingSymbol>
        <issuerForeignTradingSymbol></issuerForeignTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0002127311</rptOwnerCik>
            <rptOwnerName>Tjandrasuwita Agustina Gani</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerNonUSAddressFlag>true</rptOwnerNonUSAddressFlag>
            <rptOwnerStreet1>1650 MARKET STREET, SUITE 3600</rptOwnerStreet1>
            <rptOwnerStreet2>PMB 17139084</rptOwnerStreet2>
            <rptOwnerCity>PHILADELPHIA</rptOwnerCity>
            <rptOwnerNonUSStateTerritory></rptOwnerNonUSStateTerritory>
            <rptOwnerCountry>X1</rptOwnerCountry>
            <rptOwnerZipCode>19103</rptOwnerZipCode>
            <rptOwnerStateDescription>UNITED STATES</rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>See Remarks</officerTitle>
        </reportingOwnerRelationship>
    </reportingOwner>

    <aff10b5One>0</aff10b5One>

    <nonDerivativeTable></nonDerivativeTable>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Stock Option (Right to Buy)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>2.10</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2026-08-21</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>88817</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <value>2027-07-06</value>
                <footnoteId id="F1"/>
            </exerciseDate>
            <expirationDate>
                <value>2031-08-20</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Class A Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>88817</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>88817</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">Grant to the Reporting Person of a stock option under the 2022 Equity Incentive Plan, as amended (the &quot;Plan&quot;). The options vest 25% in a series of four (4) successive equal annual installments beginning on the one (1) year anniversary of the vesting commencement date of July 6, 2026 (the &quot;Vesting Commencement Date), so that all of the options will be fully vested on the four-year anniversary of the Vesting Commencement Date, subject to the Reporting Person's continued service through each applicable vesting period.</footnote>
    </footnotes>

    <remarks>Chief Financial Officer, Chief Operating Officer, Treasurer and Secretary</remarks>

    <ownerSignature>
        <signatureName>Agustina Gani Tjandrasuwita</signatureName>
        <signatureDate>2026-08-24</signatureDate>
    </ownerSignature>
</ownershipDocument>
